As a way to pay Irene Flood Disaster bills before federal and state assistance comes in, the Town of Woodstock has asked for bank bids on a municipal line-of-credit for “infrastructure rehabilitation”.
Last night the Selectboard approved the application of the short-term three-million-dollar loan from Lake Sunapee Bank which offered a loan interest rate of half a percent (.5%).
Town Manager Phil Swanson explained that it’s not known when emergency reimbursement for flood costs will come in from the federal government. He noted that some Vermont towns that got hurt in flooding last spring still haven’t gotten their “emergency” funds back.
“We are in a position of needing to pay our bills and this is a fantastic interest rate..”, Swanson said of the Lake Sunapee Bank offer.
Julia Carlisle
Woodstock Early Bird 